The price is currently 0.5% above the 20 day moving average and 19% above 200 day moving average. The company has a market cap of Rs. 33,900 crore and trades 7% away from its 52 week high.
In a filing dated 4th September 2023, Sona BLW precision Forgings Ltd (“Sona”) stated that Company has completed the acquisition of 54% share capital and voting rights in NOVELIC on 4 September 2023, through acquisition 51% of its share capital and voting rights from the existing shareholders and 3% of the share capital and voting rights as a result of capital infusion in NOVELIC, as per terms of the definitive documents executed regarding it.
NOVELIC is a self-sustaining provider of mmWave radar sensors, perception solutions, and full-stack embedded systems and operates in the ADAS Sensors and software industry. NOVELIC’s total consolidated Net Income is EUR 9.43 million for the previous year.
Total adjusted consideration is EURO 40.01 million payable under a deferred payment mechanism in three tranches, 60% of which is payable within 10 business days from the date when the ruling on capital increase becomes non appealable and remaining 40% in 2 yearly tranches of 20% each, as per the terms of the definitive documents.
Sona designs, manufactures, and supplies systems and components for the automotive industry in India and internationally. Sona is held 30% by promoters, 32% by FIIs, 28% by DIIs and the rest 10% by the retail public. The promoters have not pledged any shares and the stock has no short interest.
Written by Sandeep R
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